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March 15, 2018 - Health Ranger - Mike Adams

15:45

Bitcoin Hype DEBUNKED

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	Mike Adams.
	President Trump, if you think the drug companies are going to line up and beg you to make sure that they make less money, you're kidding yourself.
	The Health Ranger Report.
	Any talk about health care reform that doesn't sock it to the drug companies is a total joke.
	It's time for the Health Ranger Report.
	And now from naturalnews.com, here's Mike Adams.
	Every argument being made now by Bitcoin promoters for why they claim Bitcoin is not in a bubble doesn't stand up to even very simple logic and reason.
	My name is Mike Adams, the Health Ranger.
	I've been a longtime Bitcoin advocate, but recently I've been warning people about the Bitcoin bubble and the mania and the hype surrounding Bitcoin, which has turned into a Ponzi scheme at current prices.
	And I've taken a lot of heat from Bitcoin promoters who've been arguing with me I don't know, videos and podcasts were kind of arguing back and forth.
	And they're arguing that Bitcoin is not in a bubble and that it's a great store of value.
	So what I'm going to do here, because I don't want you to be hurt by Bitcoin, I don't make any money from Bitcoin going down, even though those people make lots of money if Bitcoin goes up.
	So I'm actually more objective in my analysis.
	And what I'm going to do here is just tear apart some of the bad logic and bad reasoning of the Bitcoin promoters who say Bitcoin is not in a bubble.
	So here's one of the biggest arguments that they make is that because Bitcoin has built in mathematical scarcity, it cannot therefore be in a bubble.
	That's their logic.
	They say there can only be 21 million Bitcoins ever created.
	That's the max.
	And since they can only be created a certain number or a certain amount of time with increasing hashing difficulty and so on, that scarcity is built in.
	Therefore, it can't be in a bubble.
	Well, if you don't think logically, that might make sense.
	But in reality, lots of things that have scarcity have been in bubbles and have crashed as bubbles, such as the subprime housing collapse of 2007-2008.
	I mean, clearly housing has a limited finite supply.
	Housing isn't unlimited.
	Sure, you can always build new houses, but you can only build them at a certain rate, which is very similar to the fact that you can only mine Bitcoins at a certain rate because there are more Bitcoins being created all the time, but it's limited by a rate.
	Well, housing is also limited by a rate.
	But at any given moment, any given snapshot of time, there's only a finite number of houses.
	And yet, housing has gone through many bubbles and many crashes throughout history, and it will again and again and again, even though housing has built in scarcity.
	Therefore, the argument that scarcity alone means that you can't have a bubble is complete bunk.
	Total nonsense.
	Also, corporate stocks obviously have a finite supply, and yet share prices of corporations can go through bubbles and crashes as we've seen throughout the history of stock markets.
	I mean, hopefully you're aware that there have been crashes in the stock markets before, such as the 2001 dot-com crash.
	Well, dot-com stocks didn't have unlimited numbers of shares, right?
	They were a limited number.
	People bought and sold those limited number of shares.
	And there weren't even new shares being created for most companies.
	So how was it a bubble if, according to the Bitcoin logic, that scarce resources can't have bubbles?
	See, it makes no sense.
	You can have a bubble in something that's scarce.
	And there have been many throughout history.
	Okay, another argument is that because Bitcoin is decentralized peer-to-peer as a cryptocurrency, it therefore cannot be manipulated by central banks.
	Complete bunk.
	Total nonsense.
	The people who are saying this are either lying to you or they're just not intelligent enough to realize that central banks are, of course, buying Bitcoin and maybe selling it in large numbers in order to create volatility.
	If you were a central bank and you realized that a cryptocurrency was going to compete with your monopoly over the fiat currency supply, wouldn't you be buying and selling cryptocurrency in order to manipulate the market?
	Of course you would.
	You can even short Bitcoin in certain exchanges, or you can bet on long Bitcoin options if you want.
	Central banks, because they can create unlimited money, they are of course buying lots and lots of Bitcoin, and I've even predicted that the central banks are planning to crash Bitcoin or accelerate a Bitcoin crash that starts on its own by selling a massive amount of Bitcoin into the market, suppressing the price, creating fear and panic, and causing a massive sell-off.
	If you ran a central bank and it was your job to defeat Bitcoin, that's exactly what you would do.
	So this whole argument that central banks can't manipulate Bitcoin is total nonsense.
	Of course they can.
	They can buy and sell Bitcoin just like anybody else.
	And anybody who can buy and sell Bitcoin can mathematically manipulate the market.
	So I don't know where these people are getting these arguments.
	They make no sense.
	Okay, another big argument they say is that, well, Bitcoin can't be in a bubble because it's not yet as big as the total market capitalization of the U.S. dollar or the United States economy or something to that effect.
	And I saw math.
	On one website that I linked to that was actually trying to make some thoughtful arguments.
	I'm not trying to slam the author of that particular post.
	He was being polite about it, but he was mathematically wrong.
	He was saying that Bitcoin should be valued at about maybe $3 million per coin one day when it's accepted as the default currency, because that's roughly somehow mathematically equivalent to what it would be worth if it achieved the same amount of circulation acceptance as the dollar.
	Well, this is nonsense.
	Bitcoin is never going to achieve the same level of acceptance as the dollar.
	I mean, people can use dollars almost universally everywhere around the world, and they don't need a computer to do it.
	They don't need electricity.
	They don't need a mobile device.
	They don't need to understand cryptocurrency.
	Nothing.
	Dollars are easy to use in trade because they're a universal global currency almost, even though they are a fiat currency.
	I'm not pro-dollar, by the way.
	I'm anti-central bank, but I'm saying that Trying to equate the long-term value of a Bitcoin to what it might be worth if everybody dropped dollars and started using Bitcoin instead is absurd.
	There's not a shred of evidence that everybody in the world is going to pick up Bitcoin and use it and dump all their dollars.
	That's not going to happen.
	If you think that's going to happen, you know, it's pie in the sky like rainbow unicorn thinking.
	Do you think the central banks are really going to stand by and do nothing while they become obsolete?
	You think they're not going to declare war on cryptocurrencies and Bitcoin?
	Are you aware that JP Morgan and other banks are working on their own cryptocurrencies right now?
	Are you aware that Russia and China and other countries are working on their own cryptocurrencies?
	Are you aware that Bitcoin has lots of competition just around the corner and that Bitcoin offers nothing unique?
	In fact, it's not even the best Bitcoin out there right now.
	There are better Bitcoins in terms of structure and privacy and so on.
	So, Bitcoin has nothing, really, to maintain a monopoly, and it has no ability to overtake the dollar as the trading mechanism that's universally accepted.
	The political power of the central banks is so high that they can control Congress.
	They control nations.
	They control merchant accounts like Visa, credit card companies, and everything else.
	Of course, they're going to try to shove Bitcoin out of the way and make sure that Bitcoin doesn't make them obsolete because all the powerful people in the world need central banks so that they can keep printing money, so they can keep spending money to keep You know, handing out money to their defense contractors and dropping bombs on nations and running for office on entitlement programs that come from debt spending and so on.
	The entire power structure in Washington is based on the creation of debt from central banks.
	They are not going to just stand by and do nothing while Bitcoin makes them obsolete.
	It's not going to happen.
	Trust me, a network of people with Bitcoin mining machines around the world is not going to overthrow The entire central bank system of total corruption total control Tax farms, slavery of citizens all around the world, the military-industrial complex, and everything else that follows.
	And I'm opposed to all those things, by the way.
	I hate the central bank system and how it enslaves us all.
	But I'm also a realist in that I understand they're not going to just give up and walk away and give up all that power and just let freedom ring, you know?
	They're not going to do that.
	If you think they're going to do that, you're living in a fairytale land.
	Which a lot of Bitcoin cultists are living in, sadly, which is why their reasoning so far makes no sense.
	Alright, here's one more reason people say Bitcoin is not in a bubble because very few people are using it.
	And therefore, there's a lot of room for growth as more and more people adopt Bitcoin and buy into Bitcoin and it becomes more of a universal currency.
	Well, this logic doesn't make any sense either.
	The fact that very few people are using it doesn't automatically mean that everybody wants to use it.
	A lot of people don't trust things that they don't understand.
	And because Bitcoin has no company behind it, Bitcoin has no earnings, no profits, no assets, no patents, no revenues whatsoever.
	Bitcoin is a computational hologram.
	It doesn't even exist as an entity.
	It's not regulated by any exchange.
	Anybody can make any promises they want about Bitcoin.
	Bitcoin has been stolen in massive shutdowns of online exchanges, such as Mt.
	Gox.
	Bitcoin can be hacked out of your computer.
	If you have a wallet on your computer, it can be stolen that way.
	You know, people are very wary of things that they don't understand.
	And this idea that the whole population of the world is going to magically want to use Bitcoin is rooted in delusion.
	There is no evidence.
	There's not even a psychological basis for thinking that everybody in the world wants to use Bitcoin.
	There's not even any basis, not a rationale for that.
	In fact, people are really trying to find things that are real.
	The trend that I see is people wanting to buy land, people wanting gold and silver, people wanting sources of water on their land, people wanting to have real assets that don't vanish or disappear when bubbles pop.
	You know, that's the real trend and that's a lifelong trend.
	It makes sense to everybody.
	Bitcoin is a virtual currency.
	It doesn't exist in the real world.
	And when people don't understand how it works, they're not going to trust it as much as they would trust something like gold that they can hold in their hand.
	Just because Bitcoin is able to be understood by a fraction of the geeks and math people like me who understand cryptocurrencies and distributed peer-to-peer systems, blockchain ledgers, and so on, doesn't mean that mainstream people are ever going to be capable of understanding that.
	And they don't.
	People that are buying and selling Bitcoin right now, a lot of them think it's like a company stock.
	They literally think it's like a corporate stock.
	They think there must be regulations behind it somewhere.
	They think there must be some entity behind it that they could call if they have a problem or something.
	They make all kinds of assumptions about Bitcoin that are not true.
	So you put all this together, I have yet to hear a single rational argument for why Bitcoin is not in a bubble.
	Everything about it is like a bubble.
	Even this idea that, you know, very few people are using it and as long as new people keep coming in, the prices will keep going higher and higher.
	Well, that's the definition of a Ponzi scheme, by the way.
	They're defining a Ponzi scheme and then they're saying that's why Bitcoin is not in a bubble.
	I mean, it's contradictory.
	These people are so deluded.
	That it's dangerous.
	They are really dangerous to noobs who are being suckered into this.
	A lot of people are putting in their retirement money or selling a home and putting that money in or getting a mortgage and putting that money in.
	A lot of people are going to lose a lot of money.
	People who can't afford to lose it.
	People who don't understand the mathematics of all of this and so are really being deceived into this con at this point.
	And those are the people that I'm trying to reach to tell you, Don't bet money on this Bitcoin casino.
	Don't listen to the Bitcoin hustlers.
	You're going to get burned badly at some point on this, and then there's going to be no refunds.
	There's no way to get your money back.
	There won't be any apologies.
	It's just, there you go.
	You just learned a very, very expensive lesson in reality, and you should have listened to the Health Ranger.
	I'm going to keep repeating this until the crash happens, and then even after that, because I care about people.
	I don't want people to get hurt.
	Again, I have no incentive on the downside of this market or even the upside of this market.
	My current holdings are about 0.35 Bitcoins.
	That's it.
	0.35.
	Not even, like, barely a third of a Bitcoin.
	That's all I own.
	And I'm not betting against Bitcoin.
	I don't own any other cryptocurrency currently, although I'm open to owning other cryptocurrencies once I decide on which one is better.
	And, you know, right now I haven't decided on one that's better and I'm buying gold.
	Because I've been around a while.
	I can tell you how these things unfold.
	And it's going to be ugly.
	And people are going to get hurt.
	And that's what I'm trying to prevent as much as possible.
	So, in any case, you know, you can believe whoever you want, but...
	If you're listening to people who are trying to get you into Bitcoin, for the most part, it's because they have a conflict of interest.
	They own Bitcoins and they need you to keep buying in so that their Bitcoins become more valuable and they can sell them off to other suckers who are noobs into the marketplace.
	It's a scam.
	It's called pump and dump.
	That's what they're running right now.
	And if you buy in, you're getting suckered.
	Remember, Bitcoin isn't real until you sell it for something.
	Let me say that again.
	Bitcoin isn't real until you sell it.
	It's just a virtual currency.
	It's a hologram, a mathematical hologram.
	On the day that you sell it and get something in exchange for it that's real or closer to real, Such as dollars or gold or land or whatever, then that's when you can say that, yeah, maybe you realize the game.
	Until you sell Bitcoin, you haven't gained jack.
	Just by holding Bitcoins in your wallet that you think are more and more valuable doesn't even count.
	That's nothing.
	That's just delusion.
	Until you sell it, it's not even real.
	So you'll learn the lesson one day if you haven't already.
	And you'll learn it and you'll be really pissed off that you didn't listen to me sooner if you get burned by this.
	So don't get burned.
	Be smart now.
	Learn from the wisdom I'm trying to share with you.
	And don't get suckered into this.
	Learn more at HealthRangerReport.com Support our films for humanity.

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